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Oil prices have dropped amid reports of another increase in US crude stocks that triggered concerns among investors over the ongoing global oversupply.

Brent crude futures dropped by 30 cents to $50.66 a barrel, while US West Texas Intermediate (WTI) crude futures plummeted by 28 cents to trade at $47.96 a barrel, reported Reuters.

The American Petroleum Institute (API) reported that US crude oil inventories soared by 4.5 million barrels in the week ending 17 March to reach 533.6 million barrels. Analysts expected a 2.8 million barrel increase.

The official figures about the stock size will be released by US Energy Information Administration (EIA) later.